Symbo Platform Holdings, a Singapore-based insurtech platform, has raised US$9.4 million in a Series A funding round, led by CreditEase fintech investment fund.
The round also saw participation from San Francisco-based investment firm Think Investments, along with follow-on investment from existing investors and VC firms Integra Partners, Insignia Ventures, and AJ Capital.
The company said in a statement that it will use the fresh funds to bolster its core technology and hire for roles across tech, product and leadership in Singapore, Malaysia and Indonesia.
A large proportion of the money has also been earmarked for investment into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business.
Additionally, the startup has also announced the acquisition of Vivant, a digital health platform based in Singapore, to deepen its client base by adding healthcare services into its platform.
Founded in 2017, Symbo supports agents, third-party administrators, brokers, corporates and insurers in the purchase, distribution and administration of insurance across India and Southeast Asia.
Symbo claims to have empowered over 80,000 agents and 45 technology licensing partners, supporting over US$100 million in annual GWP across India, Malaysia, Singapore and Indonesia.
“Digital-driven insurance and healthcare markets have huge potential, especially in India and Southeast Asia where customers are largely underserved, struggling to manage their insurance policies or ending up being sold generic and irrelevant products,” said Dennis Cong, Managing Partner of CreditEase fintech investment fund.
“Symbo is well-positioned to bring corporate and individual customers brand new experiences by providing customised products in a more accessible and convenient way. Insurtech and healthtech are key areas we are focusing on and expect Symbo to help more people get better protected,” he added.
“The deep knowledge of our investors in Asia will play a pivotal role in Symbo’s continued growth. With this significant investment, we will rapidly scale our leading technology platform to improve the delivery of insurance to millions of underinsured individuals and families across India and Southeast Asia,” Symbo co-founder Adrit Raha said.
Image Credit: Symbo
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